Law Commons^™

Class Arbitration Waivers Cannot Be Found Unconscionable: A Pervasive And Common "Mis-Concepcion", Emma Silberstein

Northwestern University Law Review

In 1925, Congress enacted the Federal Arbitration Act (FAA) as a means of quelling judicial hostility towards arbitration agreements, providing a mechanism for the enforcement of such agreements. The Supreme Court’s treatment and application of the FAA has evolved over time, and in recent decades the FAA has been massively extended to cover not only arm’s-length commercial transactions, but consumer and employment contracts as well. The Supreme Court, its previous hostile stance long forgotten, has created a policy of favoring arbitration and striking down many an argument that may interfere with that policy. In particular, the Court solidified its position …

The Indian Securities Fraud Class Action: Is Class Arbitration The Answer?, Brian T. Fitzpatrick, Randall S. Thomas

Northwestern Journal of International Law & Business

Abstract:

In 2013, India enacted one of the most robust private enforcement regimes for securities fraud violations in the world. Unlike in most other countries, Indian shareholders can now initiate securities fraud lawsuits on their own, represent all other defrauded shareholders unless those shareholders affirmatively opt out, and collect money damages for the entire class. The only thing missing is a better financing mechanism: unlike the United States, Canada, and Australia, India does not permit contingency fees, so class action lawyers cannot front the costs of litigation in exchange for collecting a percentage of what they recover. On the other …

Class Action Settlements, Cy Pres Awards, And The Erie Doctrine, Andrew Rodheim

Northwestern University Law Review

As class action settlement funds become more and more prevalent, cy pres awards have become a more common means of providing relief to absent class members. The primary purpose of cy pres awards is to provide a second-best form of relief when it is deemed impossible to directly compensate individual plaintiffs. Most often, these cy pres awards are given to some kind of charitable organization. Under federal law, class action settlements and cy pres awards are governed by Federal Rule of Civil Procedure 23(e). Rule 23(e)(2) requires all class action settlements to be “fair, reasonable, and adequate,” but provides no …

Jury Certification Of Federal Securities Fraud Class Actions, Thomas Kayes

Northwestern University Law Review

The rough equivalence of certification and ultimate outcome is class action dogma. If certification is granted, then the plaintiff “wins” by settlement because the risk of incurring class-wide liability by going to trial is too great. If certification is denied, the defendant “wins” because the case may not be worth litigating without the possibility of a class-wide recovery. This Note is about where the dogma is wrong. There are now cases where a denial of certification, just like a grant, presents to the defendant the risk of incurring class-wide liability at trial. This is because those cases are capable of …

Better Bounty Hunting: How The Sec's New Whistleblower Program Changes The Securities Fraud Class Action Debate, Amanda M. Rose

Northwestern University Law Review

No abstract provided.